Plumbing PE consolidation accelerates with cap-table reshuffle

The cap-table reshuffle at the top of the residential trades market accelerated in 2024-2026 with multiple platform-level transactions. Add-on cadence at the platform level was steady to growing in 2025 across numerous platforms.

“The cap-table reshuffle at the top of the residential trades market accelerated in 2024-2026 with Sila Services (to Goldman Sachs Alternatives November 2024), Redwood Services (to Altas Partners May 2025), Apex Service Partners (Alpine continuation Q4 2025), Service Logic (to Bain Capital and Mubadala December 2025; HVAC primary, plumbing-incidental), and Champions Group (to Blackstone BXPE announced February 2026). Add-on cadence at the platform level was steady to growing in 2025 across Sila, Astra, ResiXperts, Ally, Southern Home Services, Champions, Redwood, Legacy, Comfort Systems USA, EMCOR, Modigent, PremiStar, Crete United, FirstCall Mechanical, UBS, and the pure-play Repipe Specialists and P3 Services.”

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